Tata Power Company Ltd. share price target

The company's overall performance was strong, driven by efficient execution in its renewable pipeline, full-scale solar cell and module operations, and sustained leadership in rooftop solar and EV infrastructure. Strategic initiatives such as pumped hydro development, clean energy expansion and digital grid modernisation underscore its commitment to long-term growth. Management's calibrated capital allocation, rural electrification push and third-party EPC order execution offer...

Tata Power Company Limited’s (TPCL) Q4FY25 Adjusted PAT grew by 14.5% y-o-y to Rs. 1,025 crore and was a little ahead of estimates. The earnings growth is attributable to the traditional generation, coal, Tata Power Solar (cell & module plant), Odisha discoms and a lower tax rate.

Tata Power reported a good set of result in Q4FY25. EBITDA came in at INR 34.8bn (+27% YoY) driven by strong performance in renewables segment – solar manufacturing and renewable generation, coupled with strong show by Odisha discoms.

TPWR’s 4QFY25 EBITDA came in 7% above our estimate at INR32.5b, while adjusted PAT was in line with our est. at INR9.7b.

Tata Power commissioned 4GW of solar cell capacity in Q3FY25. Its solar manufacturing capacity reported an excellent set of result – INR 13bn in revenue and INR 1bn in profit in Q3. It now operates largest integrated solar cell and module manufacturing plant in the country.

Tata Power Company Limited’s (TPCL) Q3FY25 Adjusted PAT grew by 8.2% y-o-y to Rs. 1,031 crore, which was inline with our estimates.

TPWR’s 3QFY25 EBITDA came in 4% below our estimate but was up 38% on a YoY basis.The rise in EBITDA was driven by: 1) robust growth in the standalone business amid strong PLFs and regulatory upside in Mundra.

Tata Power in its analyst meet showed a roadmap for the company till FY30. Company has increased the capex guidance to Rs. 25,000 annually from Rs. 22,000 crore previously.

Tata Power hosted its Investor Day at its 4.3GW solar cell and module factory in Tirunelveli, Tamil Nadu on 6 Dec’24.

Tata Power: Site Visit and Analyst Meet 2024

We attended Tata Power’s analyst meet, where the company showcased its
4.3GW cell and module manufacturing facility at Tirunelveli in Tamil Nadu. The
event was also attended by senior management from the company.

Q2 consolidated Adj. PAT of Rs. 1,067 crore was up 22% y-o-y (adjusted for one off items). Delhi Discom had a PAT of Rs. 297 crore (+178% y-o-y) due to a favorable tariff order impact.

The company’s renewable energy capacity stands at 10.5GW with 5.7GW of projects in various stages of implementation. Its operational capacity has reached 4.8GW, comprising 3.8GW of solar and 1GW of wind energy projects.

Tata Power’s adjusted profit came in at INR 10bn in Q1FY25 (vs INR 7.4bn in Q1FY24) aided by improved operational and financial performance of Mundra.

Tata Power’s adjusted profit came in at INR 10bn in Q1FY25 (vs INR 7.4bn in Q1FY24) aided by improved operational and financial performance of Mundra, improvement in Tata Projects (associate income) offset by continued weakness in gross spread of coal impacting its Indonesian mine’s performance.

Tata Power is building one of the best RE (renewable) platforms – a mix of asset-light and asset-heavy businesses. It has built: a) Renewable assets of 10GW b) solar manufacturing of 4GW

Tata Power is building one of the best RE (renewable) platforms – a mix of asset-light and asset-heavy businesses. It has built: a) Renewable assets of 10GW b) solar manufacturing of 4GW, c) solar EPC arm d) rooftop solar and e) is
currently developing two pumped storage systems. It also has the first mover advantage in electric vehicle charging market.